Coworking Space Leasing Likely to Double This Year Due to the Rising Demand!

Coworking Spaces have been gaining momentum in India since the last few years. The domain has witnessed immense growth both in terms of demand and supply. Recently, property consulting firm, CBRE India, released a report. According to the report, leasing of commercial spaces by coworking operators is likely to double this year. The total space leased by coworking operators is predicted to become 1.5 million sqft. Coworking space leasing, is thus at an all time high in the country. The reasons are manifold. Most startups and even corporations are opting for coworking spaces due to the convenience, cost cutting, no overhead charges, rich culture and several other benefits that they come with.

 

A Look at Some Statistics About Coworking

CBRE has further estimated that the coworking leasing could even touch 10 million sqft by 2020. According to the firm’s report, the demand and supply has seen exponential growth in the past few years. The coworking leasing has tripled from 2014 to 2016 and touched 0.7 million sqft. The number is predicted to rise to 1.5 million sqft in 2017.

 

Funded Startups & Corporations Also Opting for Coworking Spaces

Earlier, it was perceived that coworking is only for startups or those businesses which are in the initial stage. However, now the spaces are being opted as offices by corporations and funded startups as well. Companies including Paytm, Knowlarity, Zomato, Snapdeal have also opted for coworking spaces to setup teams in different cities. Due to this, the demand for coworking spaces is rising with each passing day.

 

Currently, the biggest coworking space in India is Wework Bangalore. However, news is that RMZ is coming up with a bigger space in Hyderabad very soon, followed by another coworking space by Wework in Mumbai.

 


 

Gaurav Bisht

Blogger by profession and a writer by heart. I work from a coworking space and love writing about Coworking Industry in Coworking India Magazine

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